How should I bring money to Mexico?
I suggest you just take your ATM bank card and use it in Mexico to withdraw money from the ATM's found in all shopping centers & next to banks. I used a Bank of America ATM card on Santander ATM's (near the bank) and do not get charged with all the fees they pile on top of it. You can also notify your bank that you will be using your card to withdraw money, so that they will not lock you out of your account (never happened to me). It is also good because it gives the best current exchange rates and dispenses it in pesos, making it easier and convenient for you to spend your money and comes out in reasonable denominations of paper currency. One thing about the ATM's, you have to take out the card when it tells you or after one minute or so, it will "eat" the card and not return it; so it's better if you have another ATM card with you. It happened to me in Cuidad Juarez. I have used traveler's checks in the past (the 1970's), when on vacation in the United States and that's more of an old school idea, but to each his own. If you can find some business that will accept them, I'm happy for you.
Do ATM's take your picture everytime you withdrawal money?
Most ATMs have security cameras that are on 24/7. Depending on the ATM, they usually take video of them all of the time. If there has been money withdrawn that shouldn't have been, then you need to talk to her bank. They can file an ATM dispute and they can give back her money or try to find out more about it. The bank can then access the other information that you or they would need to process it. The bank would then get back with you and let you know what happened and what action they are taking with the dispute. I work at a credit union and we deal with Visa cards, and so different financial institutions may be different when dealing with disputes. The best thing to do is contact them and they can then take it from there, or let you know what else you need to do.
Is it logical to live in Rosarito Mexico being a white American male in my mid 20's?
I am not quite sure what you mean by your last sentence? I thought this sort of activity only happened in New York. I, along with several thousand expats live in Rosarito, Mexico peacefully, enjoying our laid back life in in Baja. I am a Canadian married to an American. We moved here over 10 years ago, bought a house, got involved in the many local English speaker organizations down here, and enjoy the company of our wonderful Mexican friends. You can sign on to my web site www.rosaritotowncrier.com. There you will get a pretty good idea of what life is like for expats.
What is a reverse ATM withdrawal?
Its simple ! when you withdraw cash from an ATM Machine it works like a robot. For instance you want to withdraw 50 bucks the machine works to deliver you the sum but at the same time due to some link down issue or any reason the said transaction could not be fulfilled and the cash is retracted back by the machine this is called an ATM reversal. All that happens in a couple of seconds and we don’t realize. When you see your account statement you tally that particular transaction, you might have seen in the nerratives it must have been written reverse entry or something like that. That means the moment your account was debited at the same time it was also credited by a reversal entry just because of some issues with the ATM Machine. It is all normal.
I am writing myself a check on my account and depositing it into the ATM a day before I get paid is it fraud?
Ok here is the situation. I bank at Flagstar when I make a deposit in an atm about $100.00 is availible to me instantly. They check their ATM's between 1 and 2 pm daily. I am getting paid tomorrow by 9am. If I deposit my check into the ATM today at lets say 3pm where I know they won't process it until tomorrow. Is this fraud and can charges be posted against me? I see 2 factors here they are not processing the check until tomorrow so how is that illegal I will have the money in my account. they are giving me $50.00 ( I am writing the check for $50.00 ) right away on money I do not have on the account. What do you guys think is this fraud or just smart use of a bank?
What is the best/most efficient way of exchanging US Dollars into Mexican Pesos where I wouldn’t get gouged on the exchange rate?
Up front, I hate bank fees and gouging by financial institutions .More specifically, I hate paying more than I should for a substandard service. Finally, I find TransferWise, TransferWise aims to let people send money abroad at the lowest possible true cost by offering only real exchange rates or mid-market rate and very minimal fees.How it WorksTransferWise uses smart technology that links local bank accounts in countries all over the world. In Transferwise, money never actually crosses any borders.For example, if you wish to send USD to Mexico ,you will simply need to log on and pay in your USD to Transferwise’s Mexican bank account. Then, Transferwise’s Mexican bank account sends Mexican Pesos to the recipient. Transferwise manages to make international money transfer using its advance technology infrastructure.Basically, Transferwise holds bank accounts in each country where it operates. Each bank account has a positive balance so that whenever a user needs to transfer money (for example, USD to Mexico ) ransferwise takes a part of the balance from its Chinese bank account and transfers it to corresponding bank account of the recipient.Rate trackerTransferWise has an exchange rate notification service that brings you live information so you can keep track of the REAL exchange rate. This lets you stay ahead of sneaky hidden exchange rate mark ups.Exchanging US Dollars into Mexican PesosTransferWise charge 0.819% fee when Exchanging 1000US Dollars into Mexican Pesos .
If I deposit a $40,000 check to my bank account will I be red flagged from IRS?
The agency that deals with this is FinCEN. If the bank thinks that what you are doing is suspicious, then they will report it to FinCEN, and if FinCEN thinks that you are evading taxes, then they will bring in the IRS.The IRS doesn’t red flag accounts. Usually what happens is that if the IRS has suspicion that you are evading taxes, they will contact the bank and the bank will give them all your bank records. In some sense, everyone’s accounts are red flagged by the IRS.A USD 40k check from inside the US shouldn’t cause any issues because it’s likely that the money is recorded by some one else that they can check if there is an issue. For example if you got the money from the sale of a house, the real estate agent will issue that information to the IRS so there is no need for the IRS to track the money coming in.The one situation where a USD 40k would raise flags is if it came from foreign sources. If you suddenly started getting lots of checks from BVI corporations, then the bank would issue a report to FinCEN, FinCEN would contact the IRS, the IRS would check if you’ve reported any association with overseas corporations. If you didn’t, the IRS would assign an case worker to investigate further. If they can’t come up with anything, you’ll never know anything happened.
How do I deposit a large amount of cash without getting in trouble?
If this is the first time you have credited a large cash amount (and I mean US$/ GB£ Notes) in to your account, particularly if your transactions in the past have been small, be prepared for questions, not initially by the cashier, but later when the voucher processing stage.The bank will take the money over the counter purely for safety sake (walking around with a lot of hard cash is very dangerous) may not place it in you account, but in a special suspense account for inspection. If it is electronic funds transfer, such as a Telegraphic Transfer or CHAPS payment, which has an audit trail, there are unlikely to be questions.When my late father passed on, I received a significant (for me) legacy, I notified my bank that the money was coming in from a solicitor and it was as a result of my father’s legacy. Further that there were going to be a lot of high value out-bound transactions.:To pay off my mortgage and second Charge over my houseTo buy a carPay a series of large debts (average £10K each)That gave them notice that the unusual transactions were known about and were not suspicious, particularly given that they were going to happen within about 10 days of the money coming in to the account, to be sent out again. It indicates to the bank that there is no money laundering.The safest way of depositing a large sum is by:CHAPS/BACS/ Wired Funds Transfer (TT); with the exception of BACS “real time”.Bankers Draft, payable to you, or marked “Bearer”. That is a “cheque” drawn on the bank of issue from their reserves, so in effect a guaranteed payment. The term bearer means that whoever holds that draft is entitled to the money and can demand payment in an alternative form, whether that is Gold, Precious materials including commodities, like oil, precious stones etc. and of course currency notes. Again the last one far from safe.